Clueless Wonder

Despite massive government efforts to bolster the credit market, banks are pulling back strongly on card lending. In the first four months of 2009, banks issued just 9.8M new credit cards - a 38% drop from a year ago. Economist Mark Zandi calls the sharp decline "remarkable."

I'd be curious to see what the numbers were as a percentage of applications. I read a lot on the web about people financing things moving balances from 0% introductory offer card to 0% introductory offer card... now that those seem to be gone, it should result in a lot less churn.